Old Mutual pair share £12m pay
Two senior executives at Old Mutual have shared a £12m pay package, under schemes devised three years ago to reward them for reviving the financial services group’s fortunes. Julian Roberts, chief executive of the company, is in line for a £7.17m deal for 2012, including a £1.15m annual bonus and an estimated £4.85m worth of shares under long-term incentive plans (LTIPs). Philip Broadley, finance director, is set for £3.21m-worth of LTIP share awards, bringing total annual remuneration to £4.76m.
BG executive directors forgo bonus
Top bosses at FTSE 100 oil and gas producer BG Group, including outgoing chief executive Sir Frank Chapman, will forgo a bonus for 2012 to reflect the loss of investor confidence in the company after it cut its production forecast last year.
Ex-Monte dei Paschi chiefs sanctions
The Bank of Italy has launched sanctions procedures against former directors, managers and auditors of Monte dei Paschi di Siena which could amount to some €5m in fines following an investigation.
Lebedev sells airline for one rouble
Alexander Lebedev sold his Red Wings airline yesterday for one rouble (2p) after a fatal crash last year led to the grounding of his fleet. The Russian billionaire said he had signed papers to hand control to a group of unnamed investors.
Desperate Greeks ditch jewels
Greece has raised £23.3m from the sale of its consul’s residence in London, moving it a small step closer to its target of raising €11bn from privatisations to pay off its debts.
The Daily Telegraph
Shell to sign Russian Arctic deal
Royal Dutch Shell is poised for a fresh attempt at Arctic oil exploration through a deal with Russia’s Gazprom Neft, the Kremlin says. The agreement will cover offshore drilling in the Russian Arctic and shale oil onshore in Western Siberia
Buy-to-let landlords warning
Buy-to-let landlords are being warned of a rise in the number of UK tenants in “severe arrears”. The number of renters more than two months behind on payments rose nearly five per cent in the first quarter
THE WALL STREET JOURNAL
GM may move workers from Korea
General Motors chief executive Dan Akerson said the auto maker is mulling contingency plans to move workers and production out of South Korea if tensions there continue to rise.
Paulson funds notch gains for year
John Paulson’s hedge funds are off to a strong start this year, according to an investor letter, after two years in which some of his funds were among the worst-performing.